RE CELESTIAL FINANCE LTD AND ANOTHER

RE CELESTIAL FINANCE LTD AND ANOTHER

The court declared that the cash and securities held by the applicants on behalf of non-responsive clients are held on trust and granted the application to pay the unclaimed cash and deposit the unclaimed securities into court under section 62 of the Trustee Ordinance and Order 92; it ordered specified advertising and directed that any unclaimed assets be dealt with in accordance with Rule 23 of the High Court Suitors Fund Rules.

Citation
RE CELESTIAL FINANCE LTD AND ANOTHER
Parties
1st Applicant: Celestial Finance Limited; 2nd Applicant: Celestial Securities Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 June 2005
Case Number
HCMP657/2005
Procedural Posture
Miscellaneous Proceedings (hcmp657/2005) / Application to Pay Unclaimed Trust Assets Into Court (hearing and Order)
Outcome
Application granted: declaration and order to pay unclaimed cash and deposit unclaimed securities into court
Legal Topics
Payment Into Court Under Trustee Ordinance S62, Order 92 Rules of the High Court, Unclaimed Trust Property, Transfer of Margin Accounts, Constructive Trust
Source Language
EN
Trusts Equity Securities Regulation Civil Procedure Payment Into Court Under Trustee Ordinance S62 Order 92 Rules of the High Court Unclaimed Trust Property Transfer of Margin Accounts +1 more

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Parties

Celestial Finance Limited

1st Applicant

Celestial Securities Limited

2nd Applicant

Procedural Posture

Miscellaneous Proceedings (hcmp657/2005) / Application to Pay Unclaimed Trust Assets Into Court (hearing and Order)

Legal Issues

  1. 1 Whether the cash and securities held by the applicants are held on trust for clients
  2. 2 Whether the court may order payment of unclaimed trust assets into court under section 62 Trustee Ordinance and Order 92 Rules of the High Court
  3. 3 Whether adequate steps to notify clients had been taken and whether advertising and deposit into court are appropriate

Ratio Decidendi

The court declared that the cash and securities held by the applicants on behalf of non-responsive clients are held on trust and granted the application to pay the unclaimed cash and deposit the unclaimed securities into court under section 62 of the Trustee Ordinance and Order 92; it ordered specified advertising and directed that any unclaimed assets be dealt with in accordance with Rule 23 of the High Court Suitors Fund Rules.

Court Disposition

Application granted: declaration and order to pay unclaimed cash and deposit unclaimed securities into court

Orders

  • Applicants permitted to pay the unclaimed cash and to deposit the unclaimed securities into court under section 62 of the Trustee Ordinance and Order 92 of the Rules of the High Court
  • Applicants to advertise once within the next 7 days and once on the first day of next month in both a Chinese-language and an English-language daily newspaper notifying this order and clients' rights to apply for payment under Order 92